![]() BPOs can cost a fraction of the price of an appraisal.Ī BPO can be a substitute for an appraisal. In an active real estate market with many purchases and refinances, appraisals can be hard to schedule.Ī BPO costs less than an appraisal. Dolan points out that while BPO pricing is a range rather than an exact number, it’s based on a real estate expert’s knowledge of current market trends and can be useful while setting a listing price.Ī BPO can be quicker than an appraisal. Pros and cons of a broker price opinion ProsĪ BPO can provide a price range based on market conditions. A broker price opinion can cost about one-half to three-fourths of the cost of an appraisal, according to the National Association of Broker Price Opinion professionals. In addition, lenders sometimes use a broker price opinion instead of a home appraisal to estimate a home value for a streamlined refinance, foreclosure or short sale. They also tend to have a short shelf life as home values are fluid, Dolan adds.Some broker price opinions are external, with just a visual inspection of the home’s exterior, while others include a tour of the home’s interior to evaluate its condition.Ī broker price opinion can be used by a homeowner trying to decide whether to refinance or make some home improvements, says Elizabeth Lucchesi, a real estate agent with Long & Foster Real Estate in Alexandria, Va. You should negotiate with your valuer before they start work.Broker price opinions or BPOs for short, are typically presented in a written format and may include an analysis and summary of current market conditions. There is no set fee for property valuation.
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